Gold prices in Vietnam are exploding – buy recommendation or risk?

Gold prices in Vietnam are exploding – buy recommendation or risk?

On June 6, 2025, major companies in Vietnam set the price of SJC gold bars at VND116-118 million per tael, an increase of VND600,000 when buying and VND300,000 when selling. This development shows that the domestic gold price continues to rise, especially as the world gold price is above the $3,300 per ounce mark, specifically around $3,328. For a long time, the world gold price was as high as USD 3,400 per ounce, which continues to fuel demand for gold. Furthermore, the higher selling price recorded a peak of VND118.5 million per tael at one point before decreasing to VND117 million. The difference between buying and selling prices is currently VND 2 million per tael.

In addition, prices for simple gold rings have increased and are now between VND 112 and 114.3 million per tael. Again, there was an increase of VND 300,000 in both trading directions. There are many reasons for this price development, with the weak labor market data from the USA playing a particularly crucial role. Initial jobless claims in the US rose to 247,000, giving the gold market a boost.

Influence of the US dollar and exchange rate developments

The development of the US dollar has a direct impact on gold prices. The current dollar index is at 99.1 points, which means the dollar is below the 100 point mark. This weakening of the US dollar is supporting gold prices, while a strong dollar performance could put corrective pressure on gold. The State Bank exchange rate is quoted at 24,992 VND/USD, which represents a decrease of 3 VND compared to the previous day. Major banks currently offer an exchange rate between 25,905 and 26,241 VND for the USD, while the price on the open market fluctuates between 26,225 and 26,325 VND.

The situation on international markets is characterized by several geopolitical and economic challenges. The dollar has established itself as a stable value in uncertain times, but could falter due to the current economic situations in the USA and Europe. This could also influence the demand for gold as a safe haven.

Gold prices as asset protection

The rising gold prices are not only the result of current market developments, but also a sign of investors' trust in gold as asset protection in uncertain times. A high of $2,078 per troy ounce was reached in the first trading week of 2024, marking the highest start to the year on record. Expressed in euros, the gold price is 1,887 euros per troy ounce, which is also a record value.

Developments on the markets continue to be influenced by political and economic events. The uncertainties caused by the conflict between China and Taiwan as well as the ongoing tensions in the Ukraine-Russia conflict are increasing the demand for gold as a currency reserve.

Overall, gold prices have shown a clear upward trend in the recent past, while they will continue to be under pressure from external economic data and geopolitical events. The continued high volatility in gold prices reflects the current uncertainty in the global economy.